Though I want to end there and would love to start there with no toilets, tenants, or trash, I didn't see a viable path without cutting my teeth on smaller ventures.

I should have been more clear in my post but I'm analyzing to base my initial offer. 

I guess my question is, isn't it better to leverage what you have (to obtain more properties), instead of having all the cash tied up in just one property, even though you own it free and clear?

Some directed me to a bank website where the homes were offered for sale.Some banks informed me that they wait until they have a certain number of properties in a given area with clear deeds and release them all at once during a certain time of year.

Do not try to cut any corners. 

While 88-89% Net to HUD seems to be the rule of thumb for newly listed properties, it's much less clear for those that have been reduced.

It should clearly spell out what circumstances allow you to fire the PM.

NOOOO that still does not cut it. the LLC needs the license and bond as well. its not like being a GC.. which is my next move.. so this is very much state specific..  

I do not have a clear picture of this process.Thanks.

Here's my situation:I have two investment properties: A condo which I bought for $95K free and clear in 2009 and used it as a rental property.